Family wealth advisory firms are taking a fresh look at how they approach and staff their sales function to meet the increasing demands for growth. Up until now, many firms have not had a clearly defined sales culture. Relationship managers have been responsible for servicing current clients as well as courting new business. While these managers have not viewed sales as their first priority, their organizations have recognized the need for more new business, which is leading to a change in industry sales models and greater specialization in sales roles. This study:
- Examines current trends in the wealth marketplace and sales cultures that reinforce a company’s growth strategies
- Explores catalysts for new growth and the internal and external challenges to be addressed before an effective sales effort can be deployed
- Provides industry sales models and case studies that address skill alignment, capacity constraints, hiring constraints and growth pressures that impact the sales process
Based on extensive interviews with industry executives, consultants and survey findings from 35 institutions, this study provides a thorough examination of industry sales processes and best practices needed to formalize sales strategy and develop related business processes.